Thailand stock exchange (SET) has started development of the blockchain-based crowdfunding platform to provide the local startups with the broader access to the principal money funds.

According to the SET’s announcement last Friday, a new service, called LiVE, uses blockchain to provide peer-to-peer trading. It aims at helping the newcomers to receive access to the investment capital, including the investors who take part in the venture financing, and institutional investors.

The official representatives of SET stated that eight companies have already joined the blockchain platform, and fifty companies are planning to participate in the future.

SET president Kesara Manchusree stated:

The LiVE platform will be a crucial mechanism for stimulating the development of Thailand because it will allow startups and small and middle-size enterprises receive more financial inflow due to the fundraising. The companies will be able to use LiVE to attract a wider target audience by using partnership for growing their client base.

The launching of the platform is happening after a year of the technical development. As was reported earlier, The Stock Exchange of Thailand started to plan the creation of the crowdfunding platform for the startups back in March last year. SET mentioned then that more than 600 companies showed their interest in joining this blockchain platform.

Earlier, Deutsche Börse Group, which includes, among others, the biggest in Germany and one of the biggest in the world Frankfurt stock exchange, worked out a framework of secure money transferring for commercial banks with the help of distributed ledger.

Yesterday, we reported that the Central Bank of Russia plans to use blockchain for its SWIFT analog – SPFS – in 2019.